0121 GMT - Australian Agricultural Co.'s discount to the value of its net assets looks excessive to Bell Potter analyst Jonathan Snape. Maintaining a buy rating on the stock, Snape says in a note that the cattle producer has managed six straight years of earnings growth. On top of this, he says that domestic cattle prices have rebounded and remain materially undervalued relative to meat-price indicators. Agricultural land and water asset values look likely to remain robust, he adds. Bell Potter trims its target price 2.6% to A$1.90. Shares are down 2.8% at A$1.41. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
May 22, 2025 21:21 ET (01:21 GMT)
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